Mid-May Stats – The peak spring weeks
As our chart shows, there’s a typical pattern in Toronto’s monthly real estate sales, with price peaks each spring and fall. The last three weeks have been uniformly busy, with the number of sales running about 10% to 12% above the same weeks in 2013 Average prices in the Greater Toronto Area continue to be around 10% above last year’s.
Look out for the longer term
Real estate markets reflect major demographic facts. Once established, trends in real estate tend to keep on going for a long time. It’s true that a busy week in May will see twice as many transactions as a cold week in January. But factors such as employment, immigration, and generational shifts are the key influencers on real estate.
Not just Toronto
It’s worth noting that the Toronto Real Estate Board (TREB) stats cover a large swath of the GTA. Only about 40% of the real estate transactions measured take place within the City of Toronto (or 416 area code). It’s important to zero in on the data that have a direct bearing our your local interests.
If you’re thinking of buying or selling this year, this is the right time to contact us! You can email us, or call James and Joanne at 416-483-8000.